All politics is local. But all debt is national when local IOUs contribute to a country’s total borrowings and reduce its creditworthiness. This explains why Communist party high-ups have told Baotou, a city in inner Mongolia, to stop building a metro. Central government is pursuing a deleveraging drive, conscious that local debt is one of its toughest challenges.
所有政治都是地方的。但是，当地方债务加大一国的总债务并降低其信誉度时，所有债务都成了全国的。这可以解释中共高层为什么责令内蒙古包头市停建地铁项目。中央政府正在推行去杠杆化，意识到地方债务是manbetx3.0 最严峻的挑战之一。
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